MicroStrategy ONE
Odd-last-period yield
Returns the yield of a security that has an odd (short or long) last period.
Syntax
Oddlyield <Basis> (Settlement, Maturity, LastInterest, CouponRate, Price, Redemption, Frequency)
Where:
Settlement is the settlement date. This is the date, after issue, on which the security is traded.
Maturity is the maturity date. This is the date on which the security expires.
LastInterest is the security’s last coupon date.
CouponRate is the interest rate.
Price is the price.
Redemption is the redemption value per $100 of face value.
Frequency is the number of payments per year. The valid values are 1, 2, and 4 where annual payments =1, semiannual payments =2, and quarterly payments =4.
Basis is a parameter that indicates the time-count basis to be used. The default value for Basis is 0, which is typically used by American agencies and assumes 30-day months and 360-day years (30/360). Possible values for this parameter are listed in the following table.
| Basis value | Application |
|
0 (30/360) |
Assumes 30 days in each month, 360 days in each year. |
|
1 (actual/actual) |
Assumes actual number of days in each month, actual number of days in each year. |
|
2 (actual/360) |
Assumes actual number of days in each month, 360 days in each year. |
|
3 (actual/365) |
Assumes actual number of days in each month, 365 days in each year. |
|
4 (30/60) |
Used by European agencies, assumes the same values as “0” for American institutions. |
Expression
Where:
Ai is the number of accrued days for the ith, or last, quasi-coupon period within odd period counting forward from last interest date before redemption.
DCi is the number of days counted in the ith, or last, quasi-coupon period as delimited by the length of the actual coupon period.
NC is the number of quasi-coupon periods that fit in odd period; if this number contains a fraction, it is raised to the next whole number.
NLi is the normal length in days of the ith, or last, quasi-coupon period within odd coupon period.
Usage Notes
The date arguments should be included within single quotations for the expression to be considered as a valid expression.